The Wolf of Wall Street & Assorted Links

Erin and I saw The Wolf of Wall Street yesterday afternoon. It was a gross display of excess. Three new-wolf-of-wall-street-trailer-leonardo-dicaprio-is-the-wealthiest-stockbroker-in-the-worldstraight hours of profanity, sex, greed, drugs. There are those who say that the film doesn’t go far enough to villainize the Wall Street hucksters or moralize about how greed can breed self-destruction. I thought the bacchanalian nature of every single scene made many moral lessons self-evident. Here are some links:

The Wall Street Journal published a profile of Terence Winter, who adapted Jordan Belfort’s memoir into the film. He gives some of his own perspective:

“You, the viewer, are the sucker. You’re being duped and seduced into laughing along with these guys. And every once in a while you’ll hit a little bump in the road”—as when Belfort mentions an employee’s suicide in passing—”where you go, ‘What did he just say?'”

Not many revisions were needed to make the movie’s ’80s and ’90s-era hubris seem relevant, Mr. Winter says: “That’s the point of the movie: We don’t learn anything. Nothing changes.”

From 1905 to 1937, corporate America relied on a Supreme Court case, Lochner v. New York, to challenge most government regulations as violating a “liberty of contract” implicit in the Due Process Clause. Haley Sweetland Edwards argues in Washington Monthly that Citizens United is the new Lochner.

In the Lochner Era, big industry groups and their allies on the Court wielded the notion of “freedom of contract”—any regulation that abridged it was chucked. Today, the notion of “freedom of speech” is being used virtually the same way, just as Rehnquist worried it might be. Any rule or law that abridges a company’s claims to First Amendment-protected speech is now vulnerable to attack.

I’ve argued that generalists are undervalued in our corporate culture. Philosopher Roman Krznaric critiques the “cult of specialization” that has arisen since the Industrial Revolution.

Moreover, our culture of specialization conflicts with something most of us intuitively recognize, but which career advisers are only beginning to understand: we each have multiple selves. … We have complex, multi-faceted experiences, interests, values and talents…

smoking-pregnant-woman1Prevalence of smoking among pregnant women is still, in 2013, 10%.

These numbers are not just women who smoked a little before they realized they were pregnant — these are women who reported smoking during the last three months of their pregnancies.

I’m personally really not a fan of CEOs wearing hoodies. But a recent study profiled in The New Yorker gives some insight into why this “sartorial tactic succeeds.”

But how is nonconformity interpreted by others? Do we see it as a sign of status? New research, to be published next near in The Journal of Consumer Research, suggests that we do. The authors call the phenomenon the “red sneakers effect,” after one of them taught a class at Harvard Business School in her red Converse.

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